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Article: MBIA Asset Management Has Sufficient Cash and Eligible Collateral on Hand Following a Portfolio Rebalancing to Meet Expected Termination and Collateralization Requirements under Its Guaranteed Investment Contracts.
- Article from:
- Business Wire
- Article date:
- June 30, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ARMONK, N.Y. -- On June 20, 2008, MBIA Inc. (NYSE: MBI) announced that as a result of Moody's downgrade of MBIA Insurance Corporation's insurance financial strength rating from Aaa to A2 it expected that it would be required to post additional eligible collateral and fund potential termination payments under its outstanding Guaranteed Investment Contracts (GICs). The Company announced today that following a portfolio rebalancing within its Asset/Liability Management (ALM) business, which included sales of approximately $4 billion of investment assets during the second quarter, it has sufficient eligible collateral and cash to satisfy these additional requirements. As a ...